SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
McQuain George
(Last) (First) (Middle)
C/O GLOBAL AXCESS CORP
7800 BELFORT PARKWAY, SUITE 165
(Street)
JACKSONVILLE FL 32256
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
GLOBAL AXCESS CORP [ GAXC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
President, CEO & Director
3. Date of Earliest Transaction (Month/Day/Year)
09/10/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $.001 par value 09/10/2007 P 10,000 A $0.29 20,000 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options $0.32 (1)(2) (1)(2) Common Stock 500,000 500,000 D
Stock Options $1.3 12/15/2005 12/01/2009 Common Stock 28,200(3) 28,200 D
Stock Options $1.7 12/31/2004 10/24/2008 Common Stock 54,000(4) 54,000 D
Common Stock $0.9 06/18/2005 06/18/2007 Common Stock 40,000(5) 40,000 D
Explanation of Responses:
1. Pursuant to Stock Options Agreement entered into with Global Axcess Corp (the "Company"), 62,500 shares will vest on October 2, 2007 if the executive is employed by the Company as of October 2, 2007, with an expiration date of April 2, 2010. Another 62,500 shares will vest on April 2, 2008 if the executive is employed by the Company as of April 2, 2008, with an expiration date of April 2, 2011. Another 62,500 shares will vest on April 2, 2009 if the executive is employed by the Company as of April 2, 2009, with an expiration date of April 2, 2012. Another 62,500 shares will vest on April 2, 2010 if the executive is employed by the Company as of April 2, 2010, with an expiration date of April 2, 2013. 125,000 shares will vest on April 2, 2008 if the Company achieves $480,000 of accumulated operating income from continuing operations, with an expiration date of April 2, 2011.
2. The final 125,000 shares will vest on April 2, 2012 if the closing price for the Company's stock is not less than $1.04 for 15 consecutive days, and is set to expire on April 2, 2015.
3. On December 1, 2004, George McQuain received a stock option to purchase 60,000 shares of common stock, which vested based on performance criteria. On December 15, 2005, 44,700 shares of common stock vested under the stock option and the remaining 15,300 terminated. Due to the restatement of the Company's operating results, the number of shares vested decreased from 60,000 to 28,200.
4. On October 24, 2003, George McQuain received a stock option to purchase 60,000 shares of common stock, which vested based on performance criteria. On December 31, 2004, 54,000 shares of common stock vested and the remaining 6,000 terminated.
5. Option is exercisable during the term of George McQuain's employment in four (4) installments of twenty-five percent (25%) of the Shares covered by this Option, the first installment to be exercisable on the six (6) month anniversary of the date of this Option (the "Initial Vesting Date"), with an additional twenty-five percent (25%) of such Shares becoming exercisable on each of the three (3) successive twelve (12) month periods following the Initial Vesting Date. The installments are cumulative (i.e., this option may be exercised, as to any or all Shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this option).
/s/ George McQuain 09/11/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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